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Deposits & Payments

Deposit growth and strategies have always been a core focus of retail banks. Today's volatile economic climate - with consumers relying less on credit products and more on deposit account services - brings deposit growth and account management to the forefront. As technology and consumer needs evolve, so does the concept of payments. With innovations such as virtual wallets and other forms of digital currency comes new and unique challenges for the payments space. CBA monitors and addresses the issues facing retail banks in the management of the deposits and payments functions.

On September 29, 2016, Wells Fargo CEO and Chairman John Stumpf returned to Capitol Hill for a hearing before the House Financial Services Committee Thursday, nearly a week and a half after his testimony before the Senate Banking Committee. The hearing, entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts,” featured testimony from Mr...

On Thursday, September 22, 2016, Rep. Patrick McHenry (R-NC) introduced a bill to create a ‘sandbox’ regulatory program similar to one in the United Kingdom to keep the U.S. from losing financial innovators. The U.K. program gives firms the ability to test new fintech products or services alongside a regulator. The newly proposed bill would require many U.S. federal agencies, including the...

According to the Center for Financial Services Innovation, more than half of American adults struggle financially on a recurring or occasional basis. To cope, consumers are using alternative sources to meet their financial needs—instead of turning to their banks.To more proactively support your customers, it is time to empower them to keep their financial health intact through point in time...

How are people managing their finances? What tools and services would make their lives easier? This quarterly consumer trends survey from Fiserv provides answers and insights to help financial institutions understand consumer preferences and drive satisfaction, loyalty and profitability. Key findings in this survey on household finances include: A majority of people report high satisfaction with...

Today banks are challenged to up their game as customers' expectations are being shaped by their experience with non-banking products and service providers. At the same time digital disruptors are attracting customers interested in obtaining products and services via the simplest and most convenient journey. Retaining and attracting customers in this increasingly competitive market requires a...

Interchange Alert -- Interchange Alert -- Interchange Alert! Next week, the House Financial Services Committee is expected to vote on the Financial CHOICE Act , which includes a repeal of the Durbin Amendment. Under the Durbin Amendment’s mandated price control, consumers have failed to see the savings promised by proponents of the measure while also losing out on many affordable banking products...

On Thursday, September 8, 2016, Wells Fargo entered into a consent order with the CFPB to settle allegations it illegally opened consumer deposit and credit card accounts, and enrolled consumers in online bank services in violation of Dodd-Frank’s ban on Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). The bank also entered into a consent order with the OCC to settle allegations it...

This week, the Federal Reserve Bank of Boston issued findings of data collected from the Survey of Consumer Payment Choice concerning card usage post-Target breach. The Fed found ratings by consumers who assessed the security of personal information of debit cards shortly after the breach were lower than ratings by consumers who responded before the breach was reported. On average, the rating on...